WRITING & LETTERS

We dedicate a portion of our time to studying the fundamental sciences that underpin our work. Here you’ll find the research and conclusions that shape our approach to investing from the fields of math, science, history, and human psychology.

ESSAY

HOW WE THINK ABOUT RISK, RESERVES, AND CAPITAL PRESERVATION

HOW WE THINK ABOUT RISK, RESERVES, AND CAPITAL PRESERVATION

In Tony Deden’s wonderful “In defence of having reserves and hoarding gold,” he lays out a framework for thinking about risk and uncertainty, the role of capital reserves, and why Edelweiss Holdings chooses to hold their reserves in gold over fiat currency. We’ve chosen to follow a very similar approach. In this essay, we share the ideas in Tony's essay that resonate with us.

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